I don't know what they are (and am really just assuming they're aluminum) as they came with the bike when I bought it off a dude on craigslist. Could be some other metal with a chrome-like (or other shiny silver) finish. Whatever they are, they feel like they're solid metal (but aren't pounded), just formed aluminum. They fit well (maybe were made for 700c or 27" tires as there's quite a bit of clearance over my 26x1.25 - probably could go to 26x2 and still get good coverage). They had a reflector attached to the rear fender, but that got knocked off and I couldn't easily reattach it so that it'd stay. Tried a bunch of things. Fortunately, the holes that it was attached with fit the rack mount of my radbot 1000, so I've got that in there. I like how they work, just don't like the shiny chrome look with everything else going all black. Here are a couple of pictures from when I'd just started converting it. Looks pretty different now, but I don't have new pics, but at least here you can see the fenders.
I am liking the painting idea as it should be cheaper and better for the environment than the waste of a new set. Is there a type of paint that's good to use? I don't have much painting experience other than house and interior walls and a couple of models when I was a kid. A glossy finish at the end would be nice, but I'd likd something that's not going to chip all the time.